The Central Bank Brazil Has Announced Guidelines For The Launch of 'Automatic PIX'

The Central Bank Brazil Has Announced Guidelines For The Launch of 'Automatic PIX'
PIX Automatico Payments Brazil

Hey FinTech Fanatic!

The UK's National Audit Office (NAO) has criticized the Financial Conduct Authority (FCA) for slow regulatory responses and poor communication with the government. The NAO acknowledges improvements in the FCA, overseeing 50,000 UK companies, but highlights significant delays in action, especially in the cryptocurrency sector.

The report also points out staff shortages and complex public reporting by the FCA. The NAO recommends the FCA to develop a clearer performance data plan by autumn 2024 and improve its operational processes and strategic workforce planning. The FCA has committed to implementing these recommendations.

The Office of the Comptroller of the Currency (OCC) in the U.S. has issued guidance to banks, advising them to offer buy now, pay later (BNPL) loans responsibly.

The OCC emphasizes that national banks and federal savings associations should ensure these loans have proper underwriting, fair repayment terms, appropriate pricing, and safeguards to prevent negative customer outcomes. It also stresses the importance of clear and conspicuous marketing and disclosures.

The guidance comes amidst the rising popularity of BNPL services like Klarna and Affirm and growing concerns over consumer debt accumulation, especially as the holiday season nears.

The guidance issued by the OCC, though specifically for nationally chartered banks, serves as an important reference for other institutions offering "pay in 4"-style financing. It outlines key issues that are likely to be of interest to other financial regulators, such as the Consumer Financial Protection Bureau (CFPB), in their oversight of buy now, pay later (BNPL) services.

Meanwhile. in Brazil The Central Bank has announced guidelines for the 'Automatic PIX', set to launch in October 2024, as an extension of the existing PIX payment system.

Designed for recurring payments, it enables users to automate payments for regular expenses like utility bills, school fees, and subscriptions, without the need for traditional direct debit agreements. It's mandatory for all PIX system participants to offer this service, aiming for widespread adoption.

This innovation simplifies bill payments and reduces costs, eliminating the need for multiple contracts with varying fees and terms. With Automatic PIX, businesses and governments can streamline payments with a single standardized contract.

Since its introduction, PIX has gained significant traction in Brazil, with 35% of transactions in the country now made through the system, and it boasts nearly 144 million individual users and 13.3 million business users.

Pix has become one of Brazil's most popular payment methods. However, Pix isn't just being used for instant money transfers... Check out my latest blog post "Six Bizarre Ways Pix is Being Used That Will Surprise You" to see what I mean 🤣

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